OPEC Praises Nigeria, 8 African Countries for Helping to Stabilise Oil Market - THISDAYLIVE

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OPEC Praises Nigeria, 8 African Countries for Helping to Stabilise Oil Market - THISDAYLIVE via thisdaylive

The Organisation of Petroleum Exporting Countries has said that more than one-third of the 24 countries currently working together under a negotiated framework to cut down oil outputs and inventories, to stabilise prices in the global market were from Africa.

“When looking at the ‘Declaration of Cooperation’ it gives me great pleasure to say that over one-third of the 24 participants are from Africa: Algeria; Angola; the Republic of the Congo; Equatorial Guinea; Gabon; Libya; Nigeria; Sudan; and South Sudan. “And in terms of proven natural gas reserves, the figure is over 15 trillion standard cubic metres, a number that has more than doubled since the mid-1980s.

He explained that: “Every country understands the importance of achieving full and timely conformity with their voluntary production adjustments under the decisions of the 175th Meeting of the OPEC Conference and the 5th OPEC and non-OPEC Ministerial Meeting, on the 6 and 7 December 2018. According to him, “We also recognise the fact that underlying risks remain, such as ongoing trade negotiations, monetary policy developments, as well as increasingly complex geopolitical challenges and climate change-related concerns.

 

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